Equity futures edged higher, led by tech, after the Nasdaq's worst day since mid-August, while the 10-year Treasury Yield held at 5.24% after Trump pledged not to hit Iran before the midterms. SpaceX's spectrum deal sinks telecoms, Delta cuts its outlook and Humana surges.

1. TELECOM: SpaceX Agrees to Buy a Nationwide Spectrum Portfolio, Sending T-Mobile Down 7% and AT&T and Verizon Down Over 5%

SpaceX (NASDAQ:SPCX) rose about 4% pre-market after agreeing to buy up to 14 megahertz of paired 800 MHz spectrum from Grain Management, subject to FCC approval, to help Starlink Mobile become a US carrier. T-Mobile (NASDAQ:TMUS) fell 7%, AT&T (NYSE:T) almost 6% and Verizon (NYSE:VZ) more than 5%, while American Tower (NYSE:AMT) rose 6% and Crown Castle (NYSE:CCI) almost 8%. Starlink generated $1.66 billion of Operating Income on $4.29 billion of Revenue last quarter and had 12 million subscribers on June 30. SpaceX is valued at over $2 trillion after its June IPO. Last week the 3 carriers formed a satellite joint venture that left Starlink out.

  • Towers rose because reliable building coverage in cities would require SpaceX to deploy towers on the ground.
  • Risk note: this is a limited amount of spectrum that needs FCC approval, and SpaceX has not said when new services could start.

2. AI TRADE: OpenAI Tells Investors It Has $50 Billion in Annualized Revenue Against $68 Billion Reported; Microsoft Suspended From a Green-Card Program

The Nasdaq Composite fell more than 1% on Thursday, its biggest one-day loss since mid-August, after OpenAI told investors annualized revenue was $50 billion at the end of September. A $68 billion figure had been widely reported, though a person familiar said it included gross revenue from partners. AI names rebounded pre-market, with CoreWeave (NASDAQ:CRWV) up 2.5%, Oracle (NYSE:ORCL) and Broadcom (NASDAQ:AVGO) up 1.5% and Lumentum (NASDAQ:LITE) up 6% after its CEO said optical components are sold out through 2029. Apple (NASDAQ:AAPL) fell about 2% on a report that it told suppliers to cut iPhone 18 Pro component output. Separately, the Trump administration suspended Microsoft (NASDAQ:MSFT) from a green-card sponsorship program, accusing it of abusing the visa system, and also barred Adobe (NASDAQ:ADBE) and Infosys. Microsoft said most of its US workers are American citizens.

  • One strategist said the sell-off reflects positioning imbalances with more to unwind, and that markets are pushing back on AI-linked Debt and equity.
  • Risk note: the $18 billion gap between the 2 revenue figures shows how much the buildout rests on definitions, and the suspension adds visa-policy risk for tech firms that employ foreign workers.

3. EARNINGS: Delta Cuts Its 2026 Outlook After Its First Earnings Miss in 2 Years as Park Aerospace Beats

Delta Air Lines (NYSE:DAL) shares fell as much as 4% after adjusted earnings of $1.72 per share missed the $1.75 expected, on revenue of $17.59 billion against $17.67 billion. It cut its 2026 adjusted EPS outlook to $5.10 to $5.60 from $6.50 to $7.50 in July, pointing to higher fuel prices, with fuel expense up 62% to $4.1 billion. Park Aerospace (NYSE:PKE) beat with earnings of 21 cents per share, against 16 cents expected, on sales of $20.8 million, up from $16.4 million a year ago, and guided third-quarter sales to $21 million to $22.5 million. Its shares fell about 2.4% pre-market after it trimmed its fiscal 2027 GE engine program forecast, which management called timing-related.

  • Delta's revenue is still growing about 16% on flat capacity, so the cut rests on fuel costs rather than demand.
  • Risk note: fuel remains the swing Factor in Delta's outlook, while Park's $65 million Tulsa plant build weighs on cash.

4. MANAGED CARE: Humana Surges 14% and Alignment Healthcare Plunges 23% as 2027 Medicare Star Ratings Land

Insurer shares swung sharply after the Centers for Medicare & Medicaid Services posted its 2027 Star Ratings on the Medicare Plan Finder ahead of open enrollment this fall. Humana (NYSE:HUM) surged 14% after the rating on its largest Medicare Advantage contract improved. Alignment Healthcare (NASDAQ:ALHC) cratered 23%.

  • The opposite moves show the closely watched quality ratings splitting winners from losers within Medicare Advantage.
  • Risk note: with enrollment starting this fall, a 23% drop shows how much a single ratings release can reset the outlook for a smaller insurer.

5. BONDS/OIL: Treasury Yields Hold at 5.24% After Trump Pledges No Iran Strike Before the Midterms; Brent Slips to $103

The 10-year Treasury yield held at 5.24%, down from about 5.32% on Thursday, the 30-year at about 5.61% and the 2-year more than 2 basis points higher at 4.783%. Trump said on Thursday that the US would not hit Iran again until after next month's midterm elections. Brent Crude fell to $103 a barrel after almost touching $106, with traders spooked by Houthi attacks on Saudi Arabia. December gold futures rose 1%, putting gold on pace for its first weekly gain in 3, and Freeport-McMoRan (NYSE:FCX) rose 2.5%.

  • Steady yields and lower oil follow the pledge, easing the pressure from Waller's hike signal on Thursday.
  • Risk note: the pledge runs only until the midterms and Houthi attacks on Saudi Arabia continue, so a calmer Middle East remains a slim prospect.

6. FRANCE: Krugman Warns France May Be "Too Big to Save" as Its 10-Year Yield Hits the Highest Since 2002

Nobel laureate economist Paul Krugman wrote that France is on a "fiscally unsustainable path" and "may have crossed the line from too big to Fail to too big to save," citing its low retirement age. Student protests over education funding continue as Prime Minister Sébastien Lecornu struggles to pass a 2027 budget seeking tens of billions of dollars of fiscal consolidation. Former ECB president Jean-Claude Trichet said "the ball is in the camp of the French government and parliament." He noted the ECB's unused Transmission Protection Instrument requires France to ask for help, which it says is not needed, and credible action is a condition.

  • Krugman likens the risk to the 2009 to 2012 sovereign debt crisis, when Greece, Portugal, Spain and Italy lost market confidence.
  • Risk note: a bailout would be "extremely expensive" for the ECB and politically contentious while France moves further from fiscal responsibility.

7. MARKET SETUP: Futures Edge Higher on Tech, Asia Mostly Rises and a UN Agency Cuts Its 2026 Global Growth Forecast to 2.6%

Nasdaq-100 futures rose 0.8%, S&P 500 futures 0.4% and Dow futures 82 points, or 0.2%. The Dow and Nasdaq are about flat for the week, and the S&P 500 is on track for a 0.6% gain. China's CSI 300 rose 0.16% to 4,317.26, Hong Kong's Hang Seng 1.4%, Japan's Nikkei 225 was little changed at 69,030.92 and Australia's ASX 200 rose 0.64% to 8,716.60, with South Korea closed for a holiday. A United Nations trade agency expects global growth to slow to 2.6% in 2026 from 2.9% as the Middle East energy shock tests the economy.

  • The agency warned that the AI boom brings financial stability risks as markets become exposed to a few companies, echoing Thursday's sell-off.
  • Risk note: The World Bank cut its forecast to 2.5% in June, so a 2.6% outlook leaves little cushion if energy prices climb again.